World
Russia Looks More Like A Virtual Great Power Than Genuine Development Partner for Africa
By Kestér Kenn Klomegâh
In its quest to strengthen post-Soviet relations and especially in the context of the emerging new multipolar world, Russia has to focus on its agenda and strategies for implementing promptly expected commitments for Africa.
Long before the U.S.-Africa Leaders Summit held in Washington, Russian officials had intensified their criticisms and confrontations in public statements. At this time, Russia has to frankly admit its policy weaknesses and the extremely low level of economic presence and review its social and cultural paradigms in Africa.
Criticisms came from the Kremlin administration to Federation Council and State Duma through the Foreign Affairs Ministry to Russian educational establishments and policy think tanks. Local Russian media regularly publishes such criticisms more than Russia’s visible achievements and unique success stories across Africa.
Instead of the slogans and ear-deafening noises relating to “neo-colonialism” that dominate the scene, Russians should then address the existing Western colonial tendencies by investing in competitive sectors and economic spheres in Africa. Building public perceptions through social and cultural activities with Africa. The reality is that African leaders await practical investment proposals from potential Russian investors.
While one school of thought has expressed little optimism that Russia can really recapture and make a huge recognizable economic impact compared to the Soviet era, the other school thinks that Russia can only make progress if the authorities make conscious efforts at least to deliver on their pledges and on those previous bilateral agreements promptly.
The new scramble for Africa is gaining momentum. While making beneficially-useful choices, African leaders are currently concerned about pushing for sustainable developments, building needed infrastructures and improving the welfare of the impoverished population. Understandably, infrastructure deficits and development questions present themselves as a brisk business for external players. Therefore, African leaders are consistently looking for partners with funds to invest and contribute towards transforming the economy.
At the U.S.-Africa Leaders Summit, the overarching message was to focus on “deepening and expanding the long-term US-Africa partnership and advancing shared priorities, amplifying African voices to meet this era’s defining challenges collaboratively.” The United States has seriously indicated its overwhelming support for making the African Union a member of the G-20 and promised $55 billion to Africa over the next three years.
After studying the agenda and results of the deliberations thoroughly, the United States has an ambitious agenda backed by a $55 billion budget. It signalled that Africans want closer ties with the United States desire and aspire to “close-up gaps” and further build mutually-trusted relations with Africa. In fact, China and Russia were not the most significant or prominent focused themes during the discussions there.
“United States remarks at the summit with Africa show an inability to engage in equitable dialogue,” says one headline in a local Russian media. Russian Foreign Ministry Spokeswoman Maria Zakharova said that the anti-Russian and anti-Chinese statements made at the U.S.-Africa summit show Washington is incapable of dialogue and fair competition.
“We have taken note of the numerous anti-Russian and anti-Chinese statements by US officials during the US-Africa summit. Once again, Washington has demonstrated it’s incapable of equal dialogue and decent competition, while its assurances that African countries have a freedom of choice testify to double standards,” the diplomat said.
Zakharova also mentioned important questions relating to basic political and economic freedoms, unfair competition, anti-Russian sanctions and Western agenda within the context of a multipolar world.
“Russia is united with its African friends that, despite enormous pressure from the West, including threats to withhold financial support, take an independent position, first of all, in the context of the situation around Ukraine,” she said.
Zakharova underlined the fact that Russia stands for the right of states to choose their political and economic partners, to follow their own values and the civilizational path of development. Russia offers honest, mutually beneficial and equal cooperation. And that Russia favours non-interference in the internal affairs of sovereign states.
Russian International Affairs Council, a non-government organization and policy think tank, also published an opinion article authored by Kirill Babaev, Director of the Institute of Far Eastern Studies of the Russian Academy of Sciences, Professor at the Financial University. He made an excellent analysis of the relations between Russia and Africa.
The article highlighted future perspectives based on the existing successes cloaked in building political dialogues during the previous years. On the other hand, he exposes for serious consideration by authorities some existing obstacles and weaknesses.
He wrote that Russia’s return to Africa had been discussed in the media and at various levels of power for two decades. However, the impetus given to Russian expansion to the African continent by the first Russia-Africa Summit in October 2019 made it the breakthrough event that made it possible to find an entry point for Russian business and Russia’s economic strategy on the continent, which today leads in terms of economic development.
That the African elites, especially those who studied at Soviet institutes and universities, still have memories of the struggle for the freedom of Africa. During the Soviet times, at the height of fighting against Western colonialism, there were economic offerings of the Soviet era.
However, all these cards are a matter of the past, while in the present, it has been difficult for Russia to offer Africa anything of value that could compete with large-scale Western investment or Chinese infrastructure projects (until recently), he wrote in his article.
Today the situation has changed radically, according to his expert assessment. “The main challenges for Russia in this regard are, first, the need to develop new, non-traditional sectors of economic cooperation, and second, an immense lack of personnel for successful work on the African continent and the promotion of this cooperation,” explained Professor Kirill Babaev.
In another publication headlined “Russian Business in Africa: Missed Opportunities and Prospects” appeared in the foreign policy journal Russia in Global Affairs, where Professor Alexei Vasilyev, former Special Representative of the Russian Federation to African Countries and Director of the Institute for African Studies, wrote in that article that Russian companies are pursuing their diverse interests in Africa.
The main reason is that Africa remains an enormous and large market for technology and manufacturing of consumer goods due to the increasing population and the growth of the middle class. Until recently, Russians have been looking at the mining industry, and economic cooperation is steadily expanding. But, Africa still accounts for just 1.5% of Russia’s investment which is a drop in the ocean. It must be admitted that Russia’s economic policy grossly lacks dynamism in Africa.
“African countries have been waiting for us for far too long; we lost our positions in post-apartheid Africa and have largely missed new opportunities. Currently, Russia lags behind leading foreign countries in most economic parameters in this region,” he pointed out in the article.
Consider another Russian media headline: “West seeks to dissuade African states from participating in Russia-Africa summit” which ran this December. Federation Council Deputy Speaker Konstantin Kosachev said Russia’s Western opponents are trying to prevent African states from taking part in the second Russia-Africa summit, scheduled to take place in July 2023 in Russia’s second-largest city of St. Petersburg.
“The second summit will be drastically different from the first one in terms of the atmosphere surrounding it. Our geopolitical rivals, primarily from the West, will do everything within their powers to prevent African partners from taking part in this meeting and to antithesize it to the Africa-US summit, which is currently taking place with wide participation of African states,” the Senator told a roundtable on Russia’s strategic interests in Africa.
In Senator Kosachev’s opinion, the first Russia-Africa summit held three years ago was successful, “but, in many respects, its results remained within the dimension of politics” and were not translated into additional projects in trade, economic, scientific or humanitarian cooperation.
“I’m sure it will be a very serious miscalculation on our part if the next year’s summit is not prepared in a drastically different fashion, providing each of its participants with a concise roadmap of our bilateral relations, with clear incentives to participate and conclude practical agreements,” the Deputy Speaker of Russia’s Upper Chamber said.
“Trade turnover speaks for itself. Roughly, the European Union’s trade with Africa stands at around $300 billion, China’s – at around $150 billion, and the United States – approximately $50-60 billion. Despite the tendency to grow, our current turnover is around $20 billion,” Senator Kosachev added, quoting trade figures to illustrate his argument.
In this sense, it can be expected that the second Russia-Africa summit, expected in July 2023 in St. Petersburg, will open the doors for many large investment projects on the continent.
Unlike Russia with poor relations with its trained professionals and specialists who graduated from Soviet and Russian educational establishments. At the U.S.-Africa Leaders Summit, there was an explicit indication to strengthen Africans in the entire structure in the process of re-setting relations and moving it to the next stage. That is an irreversibly strong positive step.
Professor Kirill Babaev also pointed out the necessity of putting together experienced professionals in his article. However, Russia needs to be ready for them, and this requires people. There are still very few Africanists with knowledge of the languages, specifics, and business customs of the continent in the country, and amid the current conditions, the state should pay special attention to this problem. The most important thing is to make efforts more practical, more consistent and more effective with African countries.
But so far, Russia has not pledged funds toward implementing its business projects and other policy objectives in Africa. While the Russian government is very cautious about making financial commitments, Russia’s financial institutions are hardly interested in stepping up their activities and are not closely involved in foreign policy initiatives in Africa.
With the current geopolitical changes, it is, however, hoped that Russian officials will rather focus on addressing all the weaknesses and obstacles seriously in order to enhance practical cooperation and to make a noticeable impact in Africa, as suggested by Kirill Babaev, Director of the Institute of Far Eastern Studies of the Russian Academy of Sciences.
World
Comviva Wins at IBSi Global FinTech Innovation Award
By Modupe Gbadeyanka
For transforming cross-border payments through its deployment with Global Money Exchange, Comviva has been named Best In-Class Cross Border Payments.
The global leader in digital transformation solutions clinched this latest accolade at the IBS Intelligence Global FinTech Innovation Award 2025.
The recognition highlights how Comviva’s mobiquity Pay is helping shape a modern cross-border payment ecosystem that stretches far beyond conventional remittance services.
Deployed as a white label Wallet Platform and launched as Global Pay Oman App, it fulfils GMEC’s dual vision—positioning itself as an innovative payment service provider while digitally extending its core money transfer business.
The solution allows GMEC to offer international money transfers alongside seamless forex ordering and other services. These capabilities sit alongside a broad suite of everyday financial services, including bill and utility payments, merchant transactions, education-related payments, and other digital conveniences — all delivered through one unified experience.
“This award is a testament to Oman’s accelerating digital transformation and our commitment to reshaping how cross-border payments serve people and businesses across the Sultanate.
“By partnering with Comviva and bringing the Global Pay Oman Super App, we have moved beyond traditional remittance services to create a truly inclusive and future-ready financial ecosystem.
“This innovation is not only enhancing convenience and transparency for our customers but is also supporting Oman’s broader vision of building a digitally empowered economy,” the Managing Director at Global Money Exchange, Subromoniyan K.S, said.
Also commenting, the chief executive of Comviva, Mr Rajesh Chandiramani, said, “Cross-border payments are becoming a daily necessity, not a niche service, particularly for migrant and trade-linked economies.
“This recognition from IBS Intelligence validates our focus on building payment platforms that combine global reach with local relevance, operational resilience and a strong user experience. The deployment with Global Money Exchange Co. demonstrates how mobiquity® Pay enables financial institutions to move beyond remittances and deliver integrated digital services at scale.”
“The deployment of mobiquity Pay for GMEC showcases how scalable, API-driven digital wallet platforms can transform cross-border payments into seamless, value-rich experiences.
“By integrating remittances, bill payments, forex services, and AI-powered engagement into a unified Super App, Comviva has reimagined customer journeys and operational agility.
“This Best-in-Class Cross-border Payments award win stands as a testament to Comviva’s excellence in enabling financial institutions to compete and grow in a digitally convergent world,” the Director for Research and Digital Properties at IBS Intelligence, Nikhil Gokhale, said.
World
Russia Renews Africa’s Strategic Action Plan
By Kestér Kenn Klomegâh
At the end of an extensive consultation with African foreign ministers, Russian Foreign Minister, Sergey Lavrov, has emphasized that Moscow would advance its economic engagement across Africa, admittedly outlining obstacles delaying the prompt implementation of several initiatives set forth in Strategic Action Plan (2023-2026) approved in St. Petersburg during the Russia-Africa Summit.
The second Ministerial Conference, by the Russian Foreign Ministry with support from Roscongress Foundation and the Arab Republic of Egypt, marked an important milestone towards raising bilateral investment and economic cooperation.
In Cairo, the capital city of the Arab Republic of Egypt, Lavrov read out the final resolution script, in a full-packed conference hall, and voiced strong confidence that Moscow would achieve its strategic economic goals with Africa, with support from the African Union (AU) and other Regional Economic blocs in the subsequent years. Despite the complexities posed by the Russia-Ukraine crisis, combined with geopolitical conditions inside the African continent, Moscow however reiterated its position to take serious steps in finding pragmatic prospects for mutual cooperation and improve multifaceted relations with Africa, distinctively in the different sectors: in trade, economic and investment spheres, education and culture, humanitarian and other promising areas.
The main event was the plenary session co-chaired by Russian Foreign Minister Sergey Lavrov and Egyptian Minister of Foreign Affairs, Emigration, and Egyptians Abroad Bashar Abdelathi. Welcome messages from Russian President Vladimir Putin and Egyptian President Abdelhak Sisi were read.
And broadly, the meeting participants compared notes on the most pressing issues on the international and Russian-African agendas, with a focus on the full implementation of the Russia-Africa Partnership Forum Action Plan for 2023-2026, approved at the second Russia-Africa Summit in St. Petersburg in 2023.
In addition, on the sidelines of the conference, Lavrov held talks with his African counterparts, and a number of bilateral documents were signed. A thematic event was held with the participation of Russian and African relevant agencies and organizations, aimed at unlocking the potential of trilateral Russia-Egypt-Africa cooperation in trade, economic, and educational spheres.
With changing times, Africa is rapidly becoming one of the key centers of a multipolar world order. It is experiencing a second awakening. Following their long-ago political independence, African countries are increasingly insisting on respect for their sovereignty and their right to independently manage their resources and destiny. Based on these conditions, it was concluded that Moscow begins an effective and comprehensive work on preparing a new three-year Cooperation and Joint Action Plan between Russia and Africa.
Moreover, these important areas of joint practical work are already detailed in the Joint Statement, which was unanimously approved and will serve as an important guideline for future work. According to reports, the Joint Statement reflects the progress of discussions on international and regional issues, as well as matters of global significance.
Following the conference, the Joint Statement adopted reflects shared approaches to addressing challenges and a mutual commitment to strengthening multifaceted cooperation with a view to ensuring high-quality preparation for the third Russia-Africa Summit in 2026.
On December 19-20, the Second Ministerial Conference of the Russia-Africa Partnership Forum was held in Cairo, Egypt. It was held for the first time on the African continent, attended by heads and representatives of the foreign policy ministries of 52 African states and the executive bodies of eight regional integration associations.
World
TikTok Signs Deal to Avoid US Ban
By Adedapo Adesanya
Social media platform, TikTok’s Chinese owner ByteDance has signed binding agreements with United States and global investors to operate its business in America.
Half of the joint venture will be owned by a group of investors, including Oracle, Silver Lake and the Emirati investment firm MGX, according to a memo sent by chief executive, Mr Shou Zi Chew.
The deal, which is set to close on January 22, 2026 would end years of efforts by the US government to force ByteDance to sell its US operations over national security concerns.
It is in line with a deal unveiled in September, when US President Donald Trump delayed the enforcement of a law that would ban the app unless it was sold.
In the memo, TikTok said the deal will enable “over 170 million Americans to continue discovering a world of endless possibilities as part of a vital global community”.
Under the agreement, ByteDance will retain 19.9 per cent of the business, while Oracle, Silver Lake and Abu Dhabi-based MGX will hold 15 per cent each.
Another 30.1 per cent will be held by affiliates of existing ByteDance investors, according to the memo.
The White House previously said that Oracle, which was co-founded by President Trump’s supporter Larry Ellison, will license TikTok’s recommendation algorithm as part of the deal.
The deal comes after a series of delays.
Business Post reported in April 2024 that the administration of President Joe Biden passed a law to ban the app over national security concerns, unless it was sold.
The law was set to go into effect on January 20, 2025 but was pushed back multiple times by President Trump, while his administration worked out a deal to transfer ownership.
President Trump said in September that he had spoken on the phone to China’s President Xi Jinping, who he said had given the deal the go ahead.
The platform’s future remained unclear after the leaders met face to face in October.
The app’s fate was clouded by ongoing tensions between the two nations on trade and other matters.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn












